Succession conversations can be difficult to start, emotive for all those involved and difficult to complete. Nevertheless, families cannot bury their heads in the sand and do need to tackle the issues.
This piece provides a good insight into the practicality and helping to make the succession conversations productive too.
Objectivity and honesty in the conversations is crucial together with a degree of proactive and positive input and families, especially those directly involved in the discussions, need to start planning early and to continue to work together over a period of time to actually implement the plan.
Conflicts over inheritances are notorious for creating rifts between relatives. When a thriving business is part of the estate, fights can do more than turn people against one another — they can also hurt the bottom line. Although not every problem has a simple solution, business owners who want their companies to stay in the family, and stay successful, can take steps to manage disagreements.